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Just another WordPress siteFri, 18 Aug 2017 03:48:34 +0000en-UShourly1https://wordpress.org/?v=4.9.45 Actions You Should Take to Support Black Owned Businesseshttp://theminoritymarketplace.com/5-actions-you-should-take-to-support-black-owned-businesses/
http://theminoritymarketplace.com/5-actions-you-should-take-to-support-black-owned-businesses/#respondMon, 07 Nov 2016 16:31:42 +0000https://wyzi.net/?p=759read more5 Actions You Should Take to Support Black Owned Businesses]]>In a society where dialogue is heavily immersed in social justice and the continuous rallying efforts of #BlackLivesMatter, the black race is receiving an impressive, impactful platform to voice our concerns and fight for equality and representation. As Jesse Williams reminded the nation at June’s BET Awards, “Just because we’re magic doesn’t mean we’re not real.” And with this realness comes a multitude of real struggles, even beyond the realm of social justice and political activism. The Black population needs a stronger push for economic stability and unity.

Fortune stated that according to the 2015 State of Women-Owned Businesses Report, commissioned by American Express Open, “The number of businesses owned by African American women grew 322% since 1997, making black females the fastest growing group of entrepreneurs in the U.S.” Despite such an impressive growth, these businesses are lacking support from the Black community itself. According to the New York Times, blacks spend less money in black-owned businesses than other racial and ethnic groups spend in businesses owned by members of their groups, including Hispanics and Asians. This is a saddening fact that puts the spotlight on the need for black economic empowerment. But how?

1. Put Black-owned businesses at the top of your list.

Instead of buying with from a well-known, popular brand, break this habit and go out of your way to seek a black-owned business. This will push you to discover new businesses that you may not have previously been aware of and challenge you to move beyond your familiar scope of service and business providers.

2. Don’t automatically expect or demand a discount.

We are ready and willing to throw our hard -earned money towards the latest iPhone but hold tight to our purses and wallets when it comes to Black-owned businesses.Why? We believe that products from well- known brands are priced appropriately and worth every penny. We need to have this same belief, trust and respect towards black products. That means giving the products a chance, and not expecting a discount just because your skin color is the same as the owner’s. Black business owners put in countless hours and work just like more popular companies and deserve equal respect and dignity.

3. Go the extra mile.

Many black businesses are not franchises or located all over the city or country. That means that you may have to add some extra time to your journey to get to one. Don’t let this deter you. Who knows what struggles the business owner faced to even get that standalone location. Their hard work, dedication to their craft and perseverance to get their product out there despite potentially countless setbacks far outweigh the extra mines out of your neighborhood you’ll have to trek to reach them. Support the hustle.

4. Know where to find them.

A popular excuse for not supporting black-owned businesses is not knowing where any are. Well, that excuse has just been invalidated thanks to the app WhereU Came From, or simply WhereU. Available on both Apple and Android devices, the app searches for the most trusted black-owned businesses and professionals in your community. It provides listings with updated, checked and verified contact numbers and offers a referral function so you can refer businesses to family and friends.

5. Spread the word!

If you are happy with the business’s products and services, share the news with others. Despite a business’s expensive, fancy marketing efforts, nothing beats old fashioned word of mouth. Recommend the business to your friends. Like and follow their Facebook page, give them a shout- out on Twitter and write an honest review on Yelp, for example.With the incredible power and influence of today’s social media, it’s surprising how far one good shared experience can go towards boosting a business. And if you don’t have a great experience, don’t let that deter you. Speak with management to express your concerns and provide constructive criticism to inspire improvement.

]]>http://theminoritymarketplace.com/5-actions-you-should-take-to-support-black-owned-businesses/feed/0The Benefits of Being A Minority-Owned Businesshttp://theminoritymarketplace.com/the-benefits-of-being-a-minority-owned-business/
http://theminoritymarketplace.com/the-benefits-of-being-a-minority-owned-business/#respondMon, 07 Nov 2016 16:24:59 +0000https://wyzi.net/?p=755read moreThe Benefits of Being A Minority-Owned Business]]>Businesses that are certified as minority-owned can take advantage of special government programs, including increased access to government contracting opportunities that can help them grow quicker. Find out whether your organization may qualify for this designation, how to become certified and how this might help your business.

Does Your Business Qualify as a Certified Minority-Owned Business?

Small businesses seeking minority business certification are instructed to contact the NMSDC (National Minority Supplier Development Council) whose mission is to advance business opportunities for certified minority business enterprises and connect them to corporate members. Applications can be submitted online, and members must meet the following criteria for certification:

S. citizens

Businesses that are at least 51 percent minority-owned and controlled, defined as someone who is at least 25 percent Asian, Black, Hispanic or Native American, established through screenings, interviews and site visits

Must be a for-profit enterprise that is physically located within the U.S. or its trust territories

Management and daily operations must be exercised by the minority owner member(s)

The certification process can take up to 90 days and applicants should be prepared to supply many different types of business documentation. Once certified as a minority-owned business by the NMSDC, minority business executives have access to program benefits, among which are opportunities to grow their businesses by gaining private and government contracts through inclusion in (and access to) the NMSDC’s supplier database and regional leads and alerts for procurement opportunities from corporate members.

Does Your Business Qualify as a Minority-Owned Business Under SBA 8(a)?

Among the resources offered by the U.S. government’s Small Business Association (SBA.gov) are programs for qualifying minority-owned firms meant to help them grow and develop. These programs include one-to-one counseling, training workshops, management and technical guidance. What’s more, minority-owned businesses that become certified under SBA (8)a Business Development guidelines can leverage this assistance and certification to compete successfully for government contracting opportunities.

There is no cost to become certified under SBA 8(a) guidelines. To be approved and certified as a minority-owned business (also referred to as a certified disadvantaged business) under the SBA’s (8)a Business Development program eligibility requirements, an organization must:

Be majority-owned (51 percent or more) by an individual(s) who is/are

American citizens (by birth or naturalization) who is/are

Both *socially and **economically disadvantaged

*Individuals are presumed to be socially disadvantaged if they hold themselves to be a member of a presumed group or are currently identified by others as a member of a presumed group, which include:

Black American

Hispanic American

Native American

Asian Pacific American

Subcontinent Asian American

Other individuals may be found socially disadvantaged and therefore eligible for the program on a case by case basis.

**Economically disadvantage eligibility is only determined after social disadvantage has been determined. For purposes of program eligibility, economically disadvantaged individuals are “socially disadvantaged individuals whose ability to compete in the free enterprise system has been impaired due to diminished capital and credit opportunities.” An individual seeking an economically disadvantaged designation must provide the following to the SBA for consideration:

Narrative statement of economic disadvantage

Personal financial information including tax returns and specific SBA forms; including separate financial information pertaining to a spouse when the applying individual is married

Assuming that an individual applying for SBA 8(a) certification is a member of a presumed socially disadvantaged group and has met the requirements for economically disadvantaged designation, they must also:

Be a small business

Be a business that demonstrates potential for success

Have leaders that show good character

Meet separate eligibility requirements if they are businesses owned by American Indians, Native Alaskans, Native Hawaiians or Certified Development Companies

The Benefits of Being A Minority-Owned Business with Certification

The process of becoming certified as a minority-owned business for the purposes of participating in special programs like those offered by the NMSDC and the SBA’s 8(a) are significant, but the benefits of being a minority-owned business with certification are significant too. From federal and government agencies to private corporations, there are many organizations that want to do business with minority-owned businesses and would even prefer to do so. Certification may provide your business with opportunities it might not otherwise be able to compete for.

Many federal government agencies are even mandated to reward a substantial number of contracts to certified minority-owned businesses. For example, the U.S. Department of Transportation requires that at least 10 percent of the money spent on contracts for certain projects go to businesses that are minority-owned, and entities (such as state transportation agencies) that receive DOT funding are required to develop Disadvantaged Business Enterprise (DBE) programs to ensure compliance.

Government agencies are not the only organizations that want to award work to minority-owned businesses. The corporations that work with members of the NMSDC include such illustrious brands as IBM, Microsoft, Marriott and many others.

Leveraging Certification to Land Government Contracts

Any business, including minority-owned businesses, must register with applicable federal and state programs through which contracts are advertised and awarded. Minority ownership may or may not be a factor in individual contract specifications; however, some contracts may even be exclusively set aside and awardable only to minority-owned businesses.

Minority-owned businesses that want to compete for federal contracts must first register with the SAM (or the System for Award Management). Registration is free; however, each contract will have its own specific supplier or vendor requirements.

Minority-owned businesses that want to become a federal supplier with the GSA (Government Services Administration) can find guidance and assistance on the GSA portal site. From the portal’s landing page, you will be able to determine whether becoming a government supplier is right for your business, find out how to become a vendor and get information about finding and pursuing government contracts. This site also has a listing of set-asides, such as the percentages of contracts that must be awarded to minority and disadvantaged businesses, which apply to every federal government purchase valued from $2,500 to $100,000.

Each state has its own process for awarding government contracts, including provisions for awarding contracts to minority-owned businesses within the state. To get information about your state’s minority-owned business programs, contact your state’s DBE (Disadvantaged Business Enterprise) program.

More Government Resources for Minority-Owned Businesses

At business.usa.gov you will also find additional resources that can help with growing a minority-owned business, including a questionnaire that will help you explore government contracting. Completing the questionnaire will take you to a results page that lists any Federal Government programs for which your business may qualify. This site also features a list of resources specifically for socially and economically disadvantaged-owned businesses with national, state and local listings. You can even search by zip code to find programs for minority business owners in your area.

Another government site with valuable resources for minority-owned businesses is the Minority Business Development Agency. Among its topics are articles with advice on how to procure contracting opportunities, success stories and educational resources that small business owners can tap into for help developing and growing their organization.

]]>http://theminoritymarketplace.com/the-benefits-of-being-a-minority-owned-business/feed/0The Importance of Practicing Group Economics in the African-American Communityhttp://theminoritymarketplace.com/the-importance-of-practicing-group-economics-in-the-african-american-community/
http://theminoritymarketplace.com/the-importance-of-practicing-group-economics-in-the-african-american-community/#respondMon, 07 Nov 2016 16:08:51 +0000https://wyzi.net/?p=752read moreThe Importance of Practicing Group Economics in the African-American Community]]>One of the greatest strengths of any community is its ability to identify, support, and reward the talents and skills of its members. When I was a child, I remember observing my mother go out of her way to hire African-American professionals in the community. I now realize that she understood then, and understands today the importance of practicing group economics. That is, creating and exchanging resources (e.g., currency, talents, gifts, and skills) that a group deems valuable among another.

Sadly, today group economics is not being practiced as nearly as often as it could be practiced among African-Americans especially. In fact, in no time than the present have we seen so much blatant apathetic and disconnected people in the African-American community than we do today. Some fault the concept of “hyper individualism”, an overly self-absorbed concern for oneself. Others blame the educated Black community for not giving back after they’ve “made it” and succeeded in their prospective careers. And still others feel that we’re living in a “Post-Racial Era”, and we should all demand to be recognized as individuals rather than side with any one particular race. In any case, this article is concerned about the African-American community and how they are disproportionately represented in the most problematic spheres of American society, how this relates to their lack of economic empowerment, and practical that can be done about it. In this article I provide practical solutions to set African Americans on the road to practicing group economics.

Group Economics in Practice

Use Online Resources- With the internet now so readily available, there’s really no excuse for why someone isn’t networking. Even in the most remote areas of a community, you can find an African-American professional with only a click of a button. LinkedIn.com for example puts you in direct contact with local and international professionals in every field.

Commitment vs. Convenience- A willingness to support each other is also a matter of not gravitating toward convenience. Yes, the Barnes & Noble might be just down the street, but what about supporting that local Black-owned book store that might be a few miles away? You could be helping to put the owner’s children through college with the money you spend in the bookstore.

Stop Waiting for Someone Else to Do It- Not enough African-Americans are investing in themselves. How long will they complain about there not being enough Black businesses? Thousands of dollars are invested in getting degrees, why don’t enough educated African-Americans feel strongly enough about their ability to create jobs for themselves? To practice group economics, African-Americans must not only support Black businesses, they must also establish businesses and employ other African Americans.

Teach Your Children about the Differences between Riches and Wealth- Children attend school to learn about the basics of everything from reading, writing, and mathematics, but they graduate with very little, if any, knowledge about the importance and the value of money. And few know what it takes to earn money and maintain a decent standard of living. Take children to see the most affluent communities and point out all of the things the members of those communities are doing to keep their communities thriving (e.g., educating themselves, pursuing professional careers, and then investing their income back into the communities from which they came). Then, take children to see the most poverty stricken communities. Point out the things that might be negatively impacting those communities (e.g., poor educational systems, limited job opportunities, people moving away from communities). Finally, ask children which way would they prefer to live. Children must understand that riches are temporary and wealth and assets can be handed down from generation to generation.

Group economics and unity are priceless to every community, but no community needs to put into practice group economics like the African-American community. Let’s all think of other ways that we can support one another. Even if it’s just to encourage one another for whatever talents and skills we might have. Bakers, cooks, authors, seamstresses, artists, etc. get with the organizers in your community who are great at managing people to form businesses. Nothing beats a try, and we have nothing to lose and so much more to gain.

Interested in becoming part of the next big movement in the African-American community? Click here for more information on how to become a part of our organization.

]]>http://theminoritymarketplace.com/the-importance-of-practicing-group-economics-in-the-african-american-community/feed/0Black Buying Power To Reach $1.3 Trillion By 2017http://theminoritymarketplace.com/black-buying-power-to-reach-1-3-trillion-by-2017/
http://theminoritymarketplace.com/black-buying-power-to-reach-1-3-trillion-by-2017/#respondMon, 07 Nov 2016 16:02:30 +0000https://wyzi.net/?p=747read moreBlack Buying Power To Reach $1.3 Trillion By 2017]]>“Black buying power continues to increase, rising from its current $1 trillion level to a forecasted $1.3 trillion by 2017. Black buying power has seen an 86 percent increase since 2000 and accounts for 8.7 percent of the nation’s total. The growth in black buying power stems in part from an increase in the number of black-owned businesses as well as from an uptick in education among the African-American population, which leads to higher incomes. Despite historically high unemployment rates, Blacks have shown resiliency in their ability to persevere as consumers.”

African-Americans will continue to be significant consumers and heavy influencers of goods and services purchased in the United States. The challenge as an entrepreneur is determining how you can tap into this significant amount of purchasing power to provide value and make a profit.

Some additional interesting stats from the study that should be considered when targeting the black community to tap into this buying power:

No group watches more television than African-Americans (37% more) who lean heavily toward programming that includes diverse characters and casts. Black women watch more television than their male counterparts.

Of the $75 billion spent on television, magazine, internet, and radio advertising, only $2.24 billion of it was spent with media focused on Black audiences. Black businesses, agencies and media continue to wrestle with this disparity as it is not reflective of the overall, high consumption patterns and behavioral trends of the Black consumer.

Other demographic segments have identified Blacks as a driving force for popular culture, with 73% of Whites and 67% of Hispanics who believe Blacks influence mainstream American culture.

The Black population grew 64% faster than the rest of the country since 2010, amassing a total of 43 million people; this includes individuals who are Black and another race.

The reverse migration continues as younger, college-educated Black professionals head South. Entrepreneurs have an opportunity to develop a “southern strategy” to connect with the more than 10 million African-Americans in 10 key southern markets.

Not surprisingly, the largest portion of non-edible-goods spending in the black community went towards Ethnic Hair and Beauty Aids. This is a competitive industry, but an industry that also still holds opportunity due to the large amount of consumption.

]]>http://theminoritymarketplace.com/black-buying-power-to-reach-1-3-trillion-by-2017/feed/0Free Money! The Top 10 Grants Available to Black, Minority Business Ownershttp://theminoritymarketplace.com/free-money-the-top-10-grants-available-to-black-minority-business-owners/
http://theminoritymarketplace.com/free-money-the-top-10-grants-available-to-black-minority-business-owners/#respondMon, 07 Nov 2016 15:56:59 +0000https://wyzi.net/?p=742read moreFree Money! The Top 10 Grants Available to Black, Minority Business Owners]]>Every year billions of dollars are awarded in the form of free money and other types of funding. Most people know this money exists, but just don’t know where to apply, how much they qualify for, or even where to get an application.

Contrary to popular belief, free money is available to entrepreneurs. Real business grants do exist. In fact, hundreds of black and minority-owned businesses each year receive such grant funding from various government agencies and nonprofit organizations, reports BlackNews.com. Such funds do not have to be repaid, but must be used to either start a new business or enhance an existing one. Others can be used for innovation research.

Here are the top 10 small and minority business grant programs available:

4. The Miller Lite Tap the Future Business Plan Competition (formerly known as the MillerCoors Urban Entrepreneur Series) is an annual competition for minority business owners sponsored by Miller Lite. Designed to economically empower minority businesses, the program continues to invest in entrepreneurial dreams to empower urban communities. Learn more at MLTaptheFuture.com

]]>http://theminoritymarketplace.com/free-money-the-top-10-grants-available-to-black-minority-business-owners/feed/011 realities faced by Black-owned businesseshttp://theminoritymarketplace.com/11-realities-faced-by-black-owned-businesses/
http://theminoritymarketplace.com/11-realities-faced-by-black-owned-businesses/#respondMon, 07 Nov 2016 15:53:28 +0000https://wyzi.net/?p=739read more11 realities faced by Black-owned businesses]]>“You know how your cousins are.” Sound familiar? You have either heard or said this about a janky product or poor customer service at a Black-owned business (BOB). All businesses encounter common issues, but the impact is greater for BOBs. Our history is filled with the reality of facing stereotypes, unfair biases, and unethical and illegal practices. Growth continues, but numbers and profits still lag behind businesses owned by other races. White-owned companies account for 81 percent of U.S. businesses, while Asian and Hispanic-owned are at 9.7 and 5.8 percent, respectively.

Here are 11 common realities that Black-owned businesses encounter:

Hiding race

Experts agree smart and strategic marketing grabs and keeps customers. The internet grants instant access to a company’s background and oftentimes customers’ decisions are affected by their implicit biases. Many Black business owners choose to hide their identity in order to garner widespread appeal. Pepper Miller, president of The Hunter-Miller Group market research and strategic planning firm in Chicago, said she understands some decisions to downplay black ownership. “There’s a perception that Black people can only do Black stuff. It ain’t pretty, but it’s the truth,” said Miller, “It’s called racism. As much as we want to feel like we’re not dealing with that, we are.”

Fear of being a sellout

Heavy is the crown worn by Black-owned businesses, especially those located in the ‘hood. When a BOB is perceived as a sellout, it risks losing the respect and support of it customers and peers. SheaMoisture’s recent advertising snafu is proof that folks will pounce on any deviation from catering to your target market. Pragmatic Black business owners figure out how to keep both their current and potential customers happy because they balance building and maintaining diverse relationships.

Fractured finances

BOBs often falter because they lack the capital needed to start and operate their businesses. Lack of capital can hinder a BOB from investing in their business at a level that will produce an optimal return on investment (ROI). Seeking small business loans is a challenge because of higher interest rates. Entrepreneurs face increased pressure because they don’t have a 9-to-5 to supplement when their profits are low.

Lack of consistent and unconditional support

Lack of support from Black customers and other BOBs is one of the harshest realities. Other races support their own as part of their lifestyle, it’s already understood. But Black businesses have to actively campaign for financial and emotional support.

Meeting unrealistic expectations

Customers swiftly diss a BOB when they mess up. The you-have-to-work-harder-than-everybody-else mentality leaves BOBs vulnerable. Businesses owned by other races don’t face the same level of scrutiny and criticism.

Ignorance about effective business practices

Business is a language that comes with a distinct learning curve. You don’t know what you don’t know until you find out. Learning and understanding how to transition from hustle or hobby to legitimate business is a process that takes time for research, planning and execution.

All money ain’t good money

Black business owners report that Black customers are notorious for wanting a hookup and they are slow to pay outstanding invoices. Discounts are great if offered, but they shouldn’t be expected. It’s frustrating when customers complain that a BOB’s prices are too high, only to end up paying a non-minority owned business just as much or more.

Questioning of product and service integrity

It’s sad when customers are surprised by the professionalism and exceptional customer service of a BOB. They’re viewed as inferior, while big name brands who may not offer the same dedication and quality receive trust simply because of their name.

Belief in our value

Ever since our forced migration to America, society has told us that we don’t deserve to be our own bosses. Inexperienced business owners are hungry and customers will exploit it if allowed. We do ourselves a disservice when we charge less than what we deserve for our products and services. Doing favors without proper compensation diminishes a BOB’s value.

Competing instead of collaborating

There are plenty of blessings out here for everyone. But we are taught to feel threatened by our competition. It’s essential to be aware of your competition, but bypassing opportunities to collaborate is a mistake. Teamwork makes the dream work is cliché, but true. An African proverb states that if you want to go fast, go alone. If you want to go further, go together. BOBs who embrace this concept can attest to how it has increased their success.

Emulating the stereotypes

To be fair, many BOBs contribute to the realities that plague them. Poor communication and customer service, lack of professionalism and subpar products make it hard for those who are on their A game. The running joke about CP time is played out. BOBs need to stay on point if they want to thrive.

The success of Black-owned businesses is a key element to building our own economic infrastructure. This will lead to the improvement of our communities and an increase in our political influence.

Black people are not inferior and neither are our businesses. We must instill this mentality early so it becomes second nature to future generations. It starts with teaching our youth to not only seek out and support BOBs, but to also create their own. Planning and preparation lead to preservation.

]]>http://theminoritymarketplace.com/11-realities-faced-by-black-owned-businesses/feed/0Removing the Barriers to Black Business Successhttp://theminoritymarketplace.com/the-business-of-future-is-like-never-before/
http://theminoritymarketplace.com/the-business-of-future-is-like-never-before/#respondMon, 07 Nov 2016 15:15:24 +0000https://wyzi.net/?p=721read moreRemoving the Barriers to Black Business Success]]>The most recent data on minority-owned firms in the United States was collected in 2012 (and released at the end of 2015). It showed that the number of minority-owned firms rose from 5.8 million in 2007 to 8 million in 2012. Hispanic-owned firms grew the most rapidly – by 46 percent to 3.3 million. African American-owned firms grew by 34.5 percent to 2.6 million. Asian-owned firms grew by 23.8 percent to 1.9 million. Women-owned firms grew by 26.8 percent compared to firms owned by men that grew by just 6.8 percent. Since the total number of firms grew by just 2 percent, to 27.6 million, the growth in minority and women-owned firms could define the way that business is being done in our country.

It is possible that the growth in minority and women owned firms could provide opportunities for women and people of color outside the traditional labor market, outside traditional corporate work. Maybe. But the ugly underside of the growth data is the fact that only 11 percent of minority-owned firms have employees. In other words, most of these firms are one-person businesses, providing consulting and other services from just one individual. Only 4 percent of African-American-owned firms – just 109,137 of the total 2.6 million businesses — have employees. The growth in new businesses, then, may be the result of people forming businesses when they lost or left jobs, as opposed to people entering business with an entrepreneurial vision that includes hiring and expansion.

Why aren’t more Black entrepreneurs trying to do more? It isn’t for lack of ideas. Not a day goes by when I don’t run into someone with a great, new, business idea. Sure, some of them are whacky, and some are far-fetched, but many are solid ideas that can’t get off the ground because people need capital to start a business. The biggest challenge that Black entrepreneurs face is access to capital, or the difficulties experienced in attempting to get a bank loan. Some of the reasons have to do with lack of collateral, or with the fact that African Americans experience a wealth gap so large that few can jump through the fiscal hoops that many banks require. Some estimates say that Whites have 12 times more wealth than African Americans and Whites also have an advantage when going to lenders. African American entrepreneurs, good ideas notwithstanding, won’t get a loan unless they have assets or collateral to back the loan up.

Yet, it is in the national interest to promote minority entrepreneurship and particularly Black entrepreneurship. Even Republican President Richard Nixon “got it” when he authorized the establishment of the Minority Business Development Agency (MBDA) and used the term “economic justice” to talk about the barriers to entrepreneurship that African Americans had experienced. Though the agency, established in 1968, has been in existence for nearly 50 years, many African Americans find entry barriers as daunting as they were when the agency was established. Why? Many, thinking that we live in a “post-racial” era have reverted to old patterns of giving opportunities and contracts to their friends, instead of tapping a diverse pool of businesses that can deliver. Others say they can’t deal with those tiny companies that have no employees and just one principal scrambling to do all the work. Small minority businesses do themselves no favors, when they can’t manage the scope and scale of work that some larger employers require.

For all the barriers and challenges of scale, minority businesses are important, because they are more likely to hire minority workers, those affected by the persistent unemployment rate gap. Minority businesses, when they have employees, are also more likely to hire and advance women in executive positions. Entrepreneurship matters because it expands the realm of possibility for people of color, allows people to participate fully in the economic realm, and provides people with the opportunity to earn profits and to share those profits with family and community.

In order to fully encourage minority business, Fortune 500 companies must commit to supplier diversity and set numerical procurement goals. Federal, state and local governments, must also ensure that there is full minority participation in the contracts they award. Those who work with minority firms must provide incentives for firms to do joint venture activities or to merge so that they can deal with issues of scale. Further, while many minority businesses crave independence, the acceptance of outside investors to facilitate growth. Finally, banks must “do the right thing” and provide more capital to minority businesses than they currently do.

But minority businesses must also understand that economic development can’t happen without economic justice. Minority businesses must provide jobs that pay living wages to the workers that they hire. It makes no sense for the Black community to advocate for Black business, if Black businesses will not pay a living wage with reasonable benefits.

Minority entrepreneurship matters. It matters most when it is both profitable and community-transforming. During this presidential election year, candidates need to be challenged to talk about minority business participation. Do they subscribe, as Richard Nixon did, to the principle of “economic justice.” How does that manifest in their campaign spending?